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One of the biggest outcomes of the digital revolution has been the overwhelming amounts of data being produced every single day. Estimates suggest that 2.5 quintillion bytes of data is being generated each day. With greater digitization and the proliferation of IoT based devices, this number is set to grow.

Today’s industries are storehouses of data. Though big data is valuable, what we have is overflowing data with no real insight. Gathering actionable, data-driven findings that create business value is a herculean task for any industry and it is even more challenging for the pharmaceutical industry. This is due to availability of excessive amounts of data coupled with stringent national and international regulations.

As the pharmaceutical sector becomes increasingly democratized, patients are emerging as key decision makers. Digitally enabled by the entry of non-traditional tech companies such as Apple, Facebook and Google, they are pushing the sector to move beyond the pill and provide personalized care. Here are some ways in which pharma companies are applying AI and IoT to build digital convergence across the pharmaceutical value chain.

Humans are inherently lazy, which may be a trait left over from our ancestors’ days of conserving energy for the next hunt. Our nervous system continuously optimizes movement, in real time, to use the least amount of energy possible; therefore it comes as no surprise that since time immemorial, humans have had the fascination to build things which are less time consuming and more efficient. The idea is to make human effort less redundant and more valuable than what currently exists.

Talking about the future without artificial intelligence is impossible.

After the paradigm-shift in our work culture due to Big Data and the Internet of Things (IoT) transforming everyday devices into smarter ones, AI is now making analytics even more efficient and productive.

Data volumes are exploding and there is more data created in the past two years than in the entire history of the human race. By 2020, about 1.7 megabytes of new information will be created every second for every human being on the planet.

The growth of voice search has been exponential in recent years. There is no doubt about the fact that technology is changing and our interaction with the internet is also transforming.

From small-tail keywords to long-tail ones, we are now moving towards ‘voice’. You can now pick up an iPhone and ask “Siri” to play a song of your choice or even shout, “Hey Alexa” to find Italian recipes for your next feast. There’s a growing tendency among users to rely on voice command or digital assistants to find answers.

In 2017, Aeromexico launched a customized AI system, a neural network that was built on the foundation of machine learning.

At the Facebook’s F8 Global Conference, the company announced that it went from zero to 96% automation of its customer service function and that its AI-powered platform, which learns as it goes by scanning and analyzing previous customer service transcripts, reduced the average customer service resolution time from an average of 16 minutes to just 2 minutes.

When the British mathematician Alan Turing designed the Turing test in 1950 as a means of measuring whether a computer was capable of demonstrating intelligent behavior equivalent to or indistinguishable from that of a human, he unleashed what was perhaps the first known benchmark for the performance of Artificial Intelligence systems.

In the fast-paced world of today, there is a constant urge for companies to grow, and this has led to stiff competition among them.

This is where Data comes in and now more than ever, data quality is the primary determinant of one staying above the competition.

With tons of raw data available and the many advances in technology, data segregation and analysis have become more accessible for marketers and growth hackers alike. However, decision makers do not have a high level of confidence in their systems with providing them conclusive information on operational data.

Today, AI is being implemented in every industry that we can think of. Some use it as a buzzword to generate hype while others truly understand the full potential of the value it brings.

To keep up with the 21st century, the pharmaceutical industry is constantly on research mode and AI is drawing plenty of attention in the industry. The widespread success of AI in several industries has led many big pharma companies to invest in it.

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